The heavyweight positions of social services, trade retail, and beauty care funds in 2024 Q3 were 1.73%, 1.09%, and 0.33% respectively, with changes of +0.50pct, +0.70pct, and -0.05pct respectively.
Zhixin Finance and Economics APP learned that Guolian Securities released research reports stating that in 2024 Q3, the total fund holding ratio of social services, trade retail, and beauty care industries was 3.14%, with an increase of 1.15pct compared to the previous quarter. Excluding Alibaba-W, the total fund holding ratio of the three industries is 1.29%, an increase of 0.15pct over the previous quarter. In the context of a weak macro environment, the clearer incremental direction and the competitive advantages of leading companies are expected to be more sustainable than in the past. It is suggested to focus on the three major directions of 'high prosperity segmentation, pattern optimization, and domestic demand pro-cyclical', select high-quality individual stocks, and continue to recommend Miniso (09896), Juzi Biological (02367), while paying attention to Shanghai Jin Jiang International Hotels (600754.SH), BTG Hotels (600258.SH) and other high-quality leading companies for development.
Guolian Securities' main points are as follows:
There is an increase in the heavyweight ratio of social services and trade retail.
In 2024 Q3, the heavyweight positions of social services, trade retail, and beauty care funds were 1.73%, 1.09%, and 0.33% respectively, with changes of +0.50pct, +0.70pct, and -0.05pct; the total fund holding ratio of the three industries increased by 1.15pct compared to the previous quarter. In terms of comparative rankings between industries, the fund allocation ratios for social services, trade retail, and beauty care in the third quarter ranked 18th, 23rd, and 29th respectively, with rankings in increasing investment of 7th, 3rd, and 15th place respectively.
For Internet e-commerce, local life services ii funds, there was a significant increase in the heavyweight positions compared to the previous quarter.
At the sub-industry level, there were increases in the allocation of Internet e-commerce (+0.718pct), local life services ii (+0.275pct), hotel dining (+0.128pct), professional services (+0.049pct), tourism and scenic spots (+0.034pct), professional chain ii (+0.026pct), travel retail ii (+0.019pct), trade ii (+0.005pct), personal care products (+0.001pct); while sports ii (-0.0003pct), general retail (-0.007pct), education (-0.025pct), cosmetic (-0.028pct), medical beauty (-0.031pct) all decreased in allocation compared to the previous quarter.
Alibaba, Meituan, Tongcheng Travel and other individual stocks saw an increase in the proportion of heavyweight holdings in the third quarter.
At the company level, the top five heavyweights are Meituan-W (1.13%), Alibaba-W (0.72%), China Tourism Group Duty Free Corporation (0.18%), Juzi Biotech (0.12%), Yum China (0.10%). The top five individual stocks with sequential increases in holdings are Alibaba-W (+0.72pct), Meituan-W (+0.27pct), Tongcheng Travel (+0.04pct), China Tourism Group Duty Free Corporation (+0.02pct), Miniso (+0.02pct).
Northbound funds: Social services, retail industry, and beauty care all experienced net inflows.
Looking at the trend of Northbound funds in the third quarter of 2024, there was a net inflow of 0.966 billion yuan in the social services industry, a net inflow of 1.37 billion yuan in the retail industry, and a net inflow of 0.358 billion yuan in the beauty care industry. In terms of individual stocks, for social services: In the third quarter of 2024, foreign capital increased its holdings the most in Zhizhi Education, Action Education, and Utour Group, with increases of 3.88%, 3.03%, and 2.47% respectively. For retail: In the third quarter of 2024, foreign capital increased its holdings the most in Shenzhen SEG, Jiajiayue Group, and Chengdu Hongqi Chain, with increases of 3.26%, 2.40%, and 2.32% respectively. For beauty care: In the third quarter of 2024, foreign capital increased its holdings the most in Chongqing Baiya Sanitary Products, Dankang Stomatology, and Winner Medical, with increases of 1.22pct, 1.09pct, and 1.06pct respectively.
Risk warning:
Risks include slowing macroeconomic growth, consumption recovery falling short of expectations, and new market development falling short of expectations.
